A shake-up of Australia’s broadcast media landscape is on the cards after KIIS FM owner ARN Media (ASX: A1N) launched a $225 million takeover bid for Triple M owner Southern Cross Media Group (ASX: SXL), in a move that aims to split the combined group’s radio and television assets.
ARN Media says the proposal will create two separate national media organisations competing against each other in metropolitan and regional radio markets, which the company implies is designed to allay any potential regulatory concerns.
However, Southern Cross has immediately branded the bid as ‘unsolicited, complex, and highly conditional’, recommending shareholders take no action in relation to the indicative proposal.
With the backing of private equity group Anchorage Capital Partners, ARN Media is proposing Southern Cross shareholders will receive 0.753 ARN shares and 29.6c cash per Southern…
